Final answer:
Rescission is a legal term referring to the annulment of a contract, requiring the involved parties to return any exchanged benefits within 20 days. Actions such as refunding money or returning goods are part of this unwinding process. Failing to act within this period could lead to legal repercussions.
Step-by-step explanation:
Within 20 days of rescission, certain actions are required to unwind a contract. Rescission is a legal remedy in contract law that renders a contract null and void. Upon rescission, both parties are required to return any property, funds, or other benefits that have been exchanged.
If money has been paid, it must be returned; if goods have been delivered, they must be returned to the original party. The rescission must be communicated to the other party, and any actions needed to restore the parties to their pre-contractual state must be taken within this timeframe. Failure to do so can result in legal consequences or the loss of the right to rescind.